Trader Joe takes steps to boost its ecosystem, will JOE reap the benefits

Trader Joe has slashed JOE emissions, or the rewards sent to liquidity providers (LPs), from 4,289 to 2,486. This indicated a reduction of 42% in the number of tokens entering the daily circulating supply.

Timeline of Joe

In the fast-evolving world of decentralized finance (DeFi), new players are constantly emerging with innovative solutions to address the challenges of trading and liquidity provision. One platform that has been making waves in the DeFi ecosystem is Trader Joe, which has gained steam with its capital-efficient decentralized exchange (DEX).

Trader Joe's [JOE] trading activity surged significantly over the last month, pushing the decentralized exchange [DEX] to sixth position in the list of top DEXs by volume, per DeFiLlama.

Trader Joe [JOE] registered a phenomenal growth in its trading activity over the past week. As per a tweet on 31 March, the 24-hour volume on the decentralized exchange (DEX) was second only to DeFi behemoth Uniswap [UNI].

The price jumped after an annoucement that Stargate would partner with Trader Joe announcement to unlock omnichain fungible tokens. The Stargate DAO also passed a token re-issuance proposal following security concerns tied to Alameda Research's wallets.